$DIA, $SPY, $QQQ, $RUTX, $VXX
FLASH: Stocks push to session highs following Dovish comments from NY Fed President Williams
The DJIA could go over 30,000 sooner than many financial experts anticipate, if the Fed cuts interest rates at the end of this month and if House Speaker Nancy Pelosi (D-CA) puts the United States-Mexico-Canada trade agreement on the floor for a vote, White House trade adviser Peter Navarro said Thursday.
“I have said this repeatedly now is that the two things that we need for the next leg up of The Trump Economy and the stock market are the passage of the USMCA,” Mr. Navarro told reporters on TV.
“The NAFTA replacement will have strong bi-partisan support in the House and will pass easily in the Senate“, Mr. Navarro said.
“This is a deal that transcends partisanship, or it should because it’s a good deal for America,” he said. “It updates one of the worst deals we ever signed in NAFTA . . . this is the most important thing for me. They have these things called rules of origin. Production, manufacturing must stay in the hemisphere and the U.S. Must get its fair share of that manufacturing. There are strong rules including strong protections for the environment, for labor, and for these reasons farmers, ranchers, workers, manufacturers, everybody benefits.”
Meanwhile, the economy remains strong, Mr. Navarro said.
“On Tuesday we had very strong, above consensus retail sales,” Mr. Navarro said. “In a few days we will get the Q-2 GDP numbers, and they will be stronger because of those retail sales. We hit 3.1%, largely on the basis of those tariffs on China and reduction in the trade deficit.”
Thursday, the major US stock market indexes finished at: DJIA +3.12 at 27222.97, NAS Comp +22.04 at 8207.24, S&P 500 +10.69 at 2995.11
Volume:Trade on the NYSE came in at 734-M/shares exchanged.
- NAS Comp +23.7% YTD
- S&P 500 +19.5% YTD
- DJIA +16.7% YTD
- Russell 2000 +15.4% YTD
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Bullish to Very Bullish in here.